NO.PZ2018120301000020
问题如下：
After
providing Trey with advice on direct investment, Serena offered him additional
information on alternative indirect investment strategies using (1) bond mutual
funds, (2) exchange-traded funds (ETFs), and (3) total return swaps.
Trey
expresses interest in using bond mutual funds rather than the other strategies
for the following reasons.
1.
Reason 1: Total return swaps have much higher
transaction costs and initial cash outlay than bond mutual funds.
2.
Reason 2: Unlike bond mutual funds, bond ETFs
can trade at discounts to their underlying indexes, and those discounts can
persist.
3.
Reason 3: Bond mutual funds can be traded
throughout the day at the net asset value of the underlying bonds.
Which of Trey’s reasons for choosing bond mutual funds as an investment vehicle is correct?
选项：
A.Reason 1
B.Reason 2
C.Reason 3
解释：
Correct Answer: B
B is correct. Although a significant spread between the market price of the underlying fixed-income securities portfolio and an ETF’s NAV should drive an authorized participant to engage in arbitrage, many fixed-income securities are either thinly traded or not traded at all. This situation might allow such a divergence to persist.
这题首先问的是“Trey expresses interest in using bond mutual funds rather than the other strategies for the following reasons.”也就是选择mutual funds而不是选择ETF的原因。 但是B不是ETF的优点吗？有discount所以买ETF更有利，这样不是不符合问题所问的“投资mutual funds的原因”？ 另外这里直接直说discount，而不说premium，不会过于片面么，毕竟是divergence往两个方向都可能
